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{ CHAPTER 15 REVIEW Let the Games Begin Sales Contracts Slide 2 Students will divide into 4 teams based on the seating assignments. Each team will send one member of the group up to be questioned. The teacher will read each question out in its entirety before the student will have an opportunity to answer. The first person to correctly guess the answer will win the point for their team. Instructions Slide 3 If the first person does not get the answer correct, the other three teams will have an opportunity to steal the point for their team. The first team to get to 10 points will win the game! There is no such thing as second place! Slide 4 When ownership transfers from one party to another, what else transfers? Slide 5 When parties exchange goods for goods, the sale is called what? Slide 6 Consideration for a sale or contract to sell goods may be expressed in what three ways? Slide 7 According to the UCC, what four things are not included as goods in Ch 15? Slide 8 Acceptance of goods occurs when: a. the goods are used or resold b. the buyer has agreed by words or conduct that the goods received are satisfactory c. The buyer fails to reject the goods within a reasonable length of time d. all of these Slide 9 Unconscionable contracts are: a. criminal in nature b. null and void c. unethical d. all of these Slide 10 A receipt that serves as written evidence of the transfer of ownership of goods is called what? Slide 11 Sales contracts are valid and enforceable in court if they are: a. written b. oral c. implied from the conduct of the parties d. all of these Slide 12 There are two ways to be classified as a merchant. What are they? Slide 13 What would happen to a contract if one of the parties admits in legal testimony that they agreed to part or all of an oral contract governed by the statute of frauds? Slide 14 What two things are necessary for a seller to enforce an oral contract for nonsalable goods? Slide 15 Casual sellers: a. may be required to be licensed b. only sell occasionally c. only sell casual items d. are usually subjected to special taxation Slide 16 What is the minimum value of goods that requires a contract to be evidenced in writing to be enforceable in court? Slide 17 A seller offers some cookware valued at $725 to a young bride- to-be on an installment plan of $50 a month for 36 months. What type of contract was created in this situation? Slide 18 What usually governs the sales of goods? Slide 19 If Benita gives her daughter 20 acres of land, what type of evidence of this transaction is needed? a. lease b. commercial paper c. deed d. none of these Slide 20 Shawn needs a new refrigerator for her home. After she selects one, she purchases it for $825 using her credit card. The appliance store provides Shawn with written evidence of the transfer of the refrigerator from the appliance store to her. This receipt is known as what? Slide 21 In a bailment transaction, the possession of what type of property is transferred without transfer of ownership? Slide 22 What additional two terms can be used to describe a purchaser in a contract to sell goods? Slide 23 Joy enters into a contract with a local modeling and acting agency in which she agrees to perform as a model at an upcoming commercial shoot. This legal right to performance under contract is known as what kind of property? Slide 24 Alexander purchased a new commercial vacuum cleaner for use in his cleaning business. Because of its extensive use, the vacuum cleaner will decline in value as a result of the wear and tear it receives. This economic decline is known as what? Slide 25 Roger offers to sell three of his full-bred dachshunds for $200 a piece to his neighbor, Bob. Bob gives Roger $600 and ownership of these dogs is immediately transferred to Bob. This contract or transaction is knows as what? Slide 26 Movable, touchable personal property such as a file cabinet, desk or carpet is known as what? Slide 27 A contract or clause within a contract that is grossly unfair and oppressive is said to be what? Slide 28 What is the name of your favorite class? Slide 29 Answer: Business Law